Today, we’re going to explore some of the most valuable Credit Card statistics for 2023.
Let’s get started.
Key Credit Card Statistics 2023 – MY Choice
- The average American credit card debt is $5,221.
- Americans have an average credit utilization rate of 25.6%.
- Credit card interest rates have been rising and recently reached an average of 16.4%.
- Alaska is the state with the highest average credit card debt at $7,089.
- Wisconsin is the state with the lowest average credit card debt at $4,587.
- White Americans have the highest average credit card debt of any racial group at $6,940.
- Higher income corresponds to larger credit card balances, but consumers in the middle income brackets are the most likely to have credit card debt.
General Credit Card Statistics 2023
- By 2028, the global market for digital payments is projected to reach $194.2 billion.
- By 2025, the global payments market is expected to be worth $2 trillion.
- The typical American has 3 credit cards.
- After introducing digital wallets, PayPal witnessed a net gain of 22.3%, while mobile wallets saw a 20.4% growth.
- New forms of payment may blur the conceptual link between spending and having less money.
- 87% of consumers over the age of 65 own a credit card.
- In 2021, utilization ratios and card balances both declined.
- Most Americans turn to personal loans or lines of credit when they can’t use their credit card.
- 6 million people in the US applied for credit cards in March 2021.
- In 2018, $430 billion was spent on business credit cards.
- There were 2.8 billion credit cards in use in 2021.
- Approximately 10.8 billion smart chip cards were deployed globally in 2021.
- QR-code payment users are projected to surpass 2.2 billion by 2025, accounting for 29% of all mobile phone users worldwide.
- A contactless credit card’s maximum limit is usually $250.
- Credit cards are used by nearly one-fifth of Americans to cover basic living expenses.
- 710 is the average credit score in the US.
- In 2020, the average VantageScore soared to 688, which was a new high.
- One late payment can reduce your credit score by 100 points.
- In 2021, the United States had 335 million VISA credit cards
Cash vs. Credit Card Spending Statistics 2023
- Consumers who pay with cash spend less money.
- US consumers prefer cash for minor purchases.
- Cash payments fell by 7% in 2021.
- In 2021, cash transactions decreased by seven percentage points.
- Only 16% of Americans carry cash at all times.
- The average American carries $46 in cash.
- Payment cards are preferred by 59% of consumers in the United States.
- Consumers make an average of 23 debit card payments monthly.
- In the Southern USA, cash is king.
- As of June 2, 2021, cash amounting to $2.17 trillion is in circulation in the United States.
- 46% of US consumers often use their cashback cards.
International Credit Card Statistics 2023
- 79% of American consumers own at least one credit card.
- In January 2022, the UK saw 1.7 billion payment card transactions, up 42.8% from January 2021 and 9.2% from January 2020.
Statistics on Credit Card Acceptance Rates 2023
- In 2021, 62% of consumers had at least one payment app.
- American Express is the most wildly accepted credit card in the world.
Credit Card Debt Statistics 2023
- The average credit card debt for US consumers is $5,313 per individual.
- The average credit card balance is substantially lower than other types of debt among US consumers.
- The total revolving debt in the United States was $974.6 billion in February 2021.
- Alaska has the highest average credit card debt per consumer in the United States.
- The highest credit card delinquency rate was in 2009 when it was 6.77%.
- 25.2% is the average credit utilization rate in the US.
- Regarding average credit card debt by age, those aged 45 to 54 had the most significant amount.
- Generation X is the generation with the most credit card debt.
- Credit cards (50%) were the most popular financial instrument among Gen Z.
- In 2022, the average credit card amount for Caucasians was around $7,000.
- Men, on average, have much more outstanding credit card debt than women.
- Credit card debt is most common in consumers in the $40,000 to $80,000 salary range (48%).
- 29% of credit card users make minimum or low debt payments monthly.
- Almost two-thirds of Americans (64%) believe they will be debt-free in ten years.
- The average credit debt among American consumers with less than a high school diploma is the lowest.
Credit Card Fees, APR, and Interest Rates 2023
- In the first quarter of 2022, the average credit card APR was 18.32%.
- The average annual fee for a credit card is $21.94, up 14% from 2021.
- The average percentage of accounts 90 to 180 days delinquent decreased by 53% between 2019 and 2020.
- There aren’t any requirements for grace periods.
COVID-19 Credit Card Statistics
- Subprime credit card originations fell from 2.53 million in the first quarter to 1.84 million in the second quarter of 2020.
- The number of consumers with credit cards declined in 2020.
- At the start of the COVID-19 pandemic, over half of all individuals in the United States (47%) had credit card debt.
- The average credit card debt load was over 13% lower in March 2021 than the previous year.
- The average number of card accounts with payments 30 days past due fell to 1.67% in 2021, down from 1.82% in 2020.
- Since the beginning of the pandemic, one out of every five cardholders reported that the limit on one or more of their credit cards had been reduced.
Credit Card Fraud Statistics 2023
- For the past few years, credit card-related identity theft has been rising.
- In 2021, new account fraud grew by 48%.
- The most prevalent victims of card fraud are Americans aged 30-39.
- The United States accounts for 35.8% of all card payment fraud losses.
- Credit card fraud costs the average American $311.
- Payment card fraud will cost the world over $28.5 billion in 2021.
- Creating a new account with stolen data has increased 48% in just a year.
- By 2030, gross losses from card fraud transactions are forecasted to exceed $49 billion.
- In 2021, approximately 1 in 4 digital interactions was a fraud attempt.
- In 2021, $6.81 of every $100 spent with a bank card was stolen.
- In 2021, the most common card fraud loss was between $1 and $1,000.
- Stolen credit card information can cost as little as $5 on the black market.
- Card-not-present fraud is projected to cost retailers close to $130 million between 2018 and 2023.
- The travel, hospitality, and retail industries target 63% of credential stuffing attacks.
- Around 11% of credit card holders use “1234” as their PIN.
Statistics on Credit Card Rewards 2023
- Consumers consider loyalty points the most crucial element when choosing the card they want.
- The most popular credit card reward is cashback.
- More than 17% of travel rewards card holders put their credit card expenditures on their travel rewards cards.
- The average number of points/miles Americans save using travel reward cards is 64,800.
Statistics on Cryptocurrency Credit Cards 2023
- Although 82% of credit card holders are not interested in crypto incentives, 13% would want the choice, and 5% are interested.
- Customers used Visa’s crypto-linked cards to make $2.5 billion in payments in the first quarter of 2022.
- Crypto-rewards credit cards are on the rise.
Grow Your Business With Credit Cards 2023
These insightful credit card statistics show how consumers value credit cards for their benefits and convenience. Regarding industry developments, users can expect to see the rise of contactless cards, which have an ever-increasing market presence.
To get a slice of the credit card boom, you’ll need to choose one of the best of the best credit card processing companies to help process payments from your customers.
- Merchant One is the best merchant solution with loads of credit card processing services like mobile payments, virtual terminal transactions, and POS systems. The company has been around since 2002 and currently serves over 100,000 customers.
- Square is the best mobile credit card processor for small businesses, as it doesn’t have monthly fees. It’s easy to use, and different companies can enjoy its services.
- Helcim is best for businesses that accept global payments. The card processor provides powerful features that allow you to accept mobile, eCommerce, and in-person payments. Unlike its competitors, Helcim has no binding contract or termination fees.